Have you ever wondered why your potential customers walk away from a sale, even when you think you've presented them with the perfect solution?
The truth is most companies fail to understand how the human brain makes buying decisions, but with a few key insights into the psychology of buying, you can create powerful, buyer-centric approaches that will help you close more deals.
I found this formula many years ago, but it's still relevant today. You need to focus on the "6 whys" - "The small strategic commitments of a sale" (specific commitments must occur more than others in the brain - to say yes, what do we need).
The six commitments that every sales process should focus on are:
1. Why should I change? The foundation (we struggle the most with this one, status quo bias, and if we don't solve this, we're irrelevant). Focus on problems, the scope/ cause, and consequences and provide provocative insights. Most salespeople don't search for problems - they don't act as problem finders but focus too much on the solution. They don't dig enough into the problems of the buyer. A psychiatrist study shows - 'The first problem the patient brings you is never the real problem'.
2. Why now? The longer someone takes to make a decision means they will not take a decision. You need to be clear on why it is essential to do something now - this helps to speed up the sales cycle; you need to make it easy and less risky.
3. Why your industry solution? Most don't understand your REAL competition, the broader market piece. What's happening in the market? We're too obsessed with our proposition.
4. Why you and your company? Know your buyers will have multiple options. You must be succinct in the solution and 10x differentiators you will deliver. Everyone wants to make wise decisions; everybody has many options, whether you know it or not.
5. Why your product or solution? Avoid cost leader. Look for distinct value, how you are different and does the buyer care. Competition is not static; look for distinct value. How can you make it matter to them? Think about their journey. Connect the dots, make it about the person - no one cares about you or your company.
6. Why spend the money? 2 buying motives, desire for gain and fear of loss. We're inferior at the fear of loss, how to position to figure out what they'll lose. Addressing why spend the money. Reveal how the buyers avoid loss with you - when there is no apparent connection to avoid the fear of loss, you will struggle. Don't complicate buying decisions; the human brain can only handle so much.
A BIG final takeaway.
Base your sales process on creating "next step layers".
Science shows that small incremental commitments are the most effective way of closing - not a final big close.
You will be more successful if you base selling on science and the six commitments.
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